Bitcoin The recent drop triggered intense trading activity, with nearly 600,000 BTC changing hands in the $60,000 to $70,000 range, according to blockchain data tracked by Glassnode.
In other words, traders hunted for bargains and snapped up nearly 600,000 BTC ($42.48 billion) in this price band during the correction. Of these, more than 200,000 BTC were accumulated in the last two weeks alone.
Note that at the beginning of the year, approximately 997,000 BTC had last moved within the $60,000 to $70,000 range. Since bitcoin’s recent drop below $70,000, that figure has risen to 1.558 million BTC.
Together, it means that almost 8% of the circulating supply is owned by people who bought their bitcoins in this range, creating a dense pool of ownership. As such, the $60,000 to $70,000 range could act as an important support level going forward.
At press time, bitcoin changed hands above $70,000, trading at levels that had previously seen scant trading activity. CoinDesk Research has previously highlighted the “air gap” between $70,000 and $80,000, a range in which relatively little supply changed hands.
Still, the market is at a point where things could liven up, because Checkonchain analysis shows that around 40% of bitcoin holders have paid more than $70,000 for their coins.
